How to Sell Property

How to Sell Property

Sale defined under Indian Law

According to section 54 of the Transfer of Property Act, 1882, sale of transfer refers to “the ownership in exchange for a price paid or promised or part-paid and part-promised. Basically, in a sale there exists an absolute transfer of all rights in the property sold”. 

Sale can be made in Two Ways

  • Where the value of Tangible Immovable Property is Rs.100 or more than that or in the case of a reversion or other intangible thing, sale can only be made through Registered Instrument.

  • Where the value of Tangible Immovable Property is less than Rs.100, sales can be made through the Delivery of Possession

Delivery of Tangible Immovable Property is said to be completed when the Seller handovers the possession of a property to the buyer or such person as he directs.

A contract for the sale of immovable property is a contract that a sale of such property shall take place on terms settled between the parties. It does not, of itself, create any interest in or charge on such property.

To resolve the property related issues and understand the complexity of the matter, it's always better to consult a lawyer who can guide you on the process elaborately. With MyAdvo you can find lawyers online and ask for legal advice anytime anywhere.

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